Wall Street Wins Again as Trump Picks Bankers, Billionaires

02/12/2016

"Steve Mnuchin is a world-class financier, banker and businessman, and has played a key role in developing our plan to build a dynamic, booming economy that will create millions of jobs", Trump said. There, Republicans are likely to hold only 52 seats, leaving the door open for Democrats to obstruct or delay any tax reform and prevent them from reaching the 60 votes needed.

Mnuchin, a 53-year-old former Goldman Sachs Group Inc. partner and movie financier, who says he's known Trump for 15 years, repeated the president-elect's goals to upgrade infrastructure in the USA and said he will consider public-private partnerships, along with other options that he didn't specify. He did not specify what these would be but did say the "absolute level" of upper-class taxes would not go down.

Mnuchin said the changes in the tax codes would be the largest changes since those under President Ronald Reagan in the 1980s.

That's a notable statement, because if Mnuchin is confirmed as Treasury Secretary, the former Goldman Sachs banker will be a top player in shaping tax reform.

Slashing the corporate tax rate and allowing businesses to expense capital investments in the year they're made could make 3% to 4% GDP growth "a reasonable goal", said Robert Goulder, senior tax policy counsel for Tax Analysts, a non-partisan publisher focused on tax policy and administration. Now many people still got foreclosed on, but he did things the way the FDIC wanted. The company had announced earlier in the year that it would lay off 1,400 workers and move some of its production to Mexico.

"This started because Trump called up the CEO of United Technologies and told him it's important to keep jobs in this country", Mnuchin told CNBC.

Trump has vowed to withdraw the Pacific trade deal, an ambitious trade agreement among the US and other 11 countries in Asia Pacific, within his first 100 days in office.

On China, Mnuchin said the administration, when in place, would evaluate any possible trade-enforcement action against the country. He apparently assisted Trump in raising millions of dollars during the election.

"If we determine that we need to label them a currency manipulator, that's something the Treasury would do", Mnuchin said. He also spent 17 years at Goldman Sachs, a firm tied to Democratic nominee Hillary Clinton during the presidential campaign, but has also featured prominently in Trump's transition into the White House.

Many on Wall Street believe that repealing or weakening the Dodd-Frank banking regulations, which were put in place following the crisis, could boost the economy.

Mnuchin praised the deal on Wednesday, telling reporters at Trump Tower that "this president and this vice president-elect are going to have open communications with business leaders".

The Washington Post has a new piece out about the massive wealth of Trump's Cabinet picks so far.

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As for Bournemouth , amazingly they look to have built on last season's 16 placed finish, with The Cherries now in 10 position. He'll also be without Lewis Cook as he continues to recover from his long term injury.

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